If you're not worried about the force feedback working, you can convert it to play Sega Model 2 games (Daytona USA, Sega Rally, etc) and a couple dozen MAME games (cruisin' USA, Outrun, etc) fairly easily. I've never interfaced with a real arcade monitor, but there is a sub-forum on here where they can tell you how to do that. If you don't want to put your other arcade monitor in it, you can slap an old crt tv with an s-video input in there.
If you do want ffb working, it gets a lot more complicated.
Browse the driving cab info thread stickied at the top of this forum to get an idea of what games you can play and how much work it will take to get there.
Browse the driving cab build thread to get an idea of what others have done.
If you want to play fighting games, there is really nothing of use on that cab, trade it for a standard cab.